Section 13: Securities exchange rules

13. Securities exchange rules (1) A securities exchange may make rules, not inconsistent with this Act, any regulations made under this Act or any FSC Rules, for or with respect to the operation of the securities exchange. (2) Rules made under subsection (1) may provide for— (a) the terms and conditions for access to the securities exchange, including conditions related to financial integrity and business ethics; (b) the terms and conditions for admission of securities for listing on the securities exchange; (c) the conditions under which securities are to be traded on the securities exchange; (d) enforcement and disciplinary procedures and sanctions to be applied; (e) the management of conflicts of interest; (f) rules and conditions concerning the buy back of listed securities by companies whose securities are listed; (fa) rules and conditions relating to the expiry of futures contracts or other derivatives, and to the modes of corresponding delivery and settlement; (g) procedures to give effect to directions of the Commission; and (h) rules of conduct for officers and employees of the securities exchange and for members of committees established for the securities exchange. (3) Rules made under this section shall be of no effect unless approved by the Commission. (4) Rules made under this section shall have the effect of a contract between the securities exchange and each of the following— (a) each issuer whose securities are admitted for listing on the securities exchange; (b) each person permitted to use the securities exchange to trade securities, under which each of those persons agrees to observe and perform the obligations imposed on the person by those rules. [S. 13 amended by s. 10 of Act 15 of 2007 w.e.f. 28 September 2007.] S7 – 13 [Issue 1] Securities Act